for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

UPDATE 1-Spanish economy continued to recover in October-economy minister

(Adds details)

MADRID, Oct 29 (Reuters) - The Spanish economy’s recovery from a coronavirus-induced slump continued in October despite a new wave of infections, Spanish Economy Minister Nadia Calvino, said on Thursday.

After Spain’s economic output tumbled by almost 18% in the second quarter as a result of a lockdown, the government expects it to rebound around 13% in the third quarter and to continue to grow at a slower pace in the final quarter.

“In the third quarter, our economy was able to reactivate and generate a large volume of jobs. That dynamic of job creation and workers exiting from furlough has maintained in October,” Calvino said at an event in Madrid.

Spain, one of the countries hardest hit by coronavirus pandemic with more than a million cases and 35,000 deaths, has been widening restrictions to fight the outbreak in the last weeks, including a nationwide curfew that has been in place since Sunday.

The government expects the economy to shrink by 11.2% overall this year and expand by 7.2% in 2021. European Union rescue funds will likely boost 2021 growth by two to three percentage points, Calvino has said. (Reporting by Emma Pinedo, Editing by Inti Landauro and Tomasz Janowski)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up